YZY was a very good litmus test as to where we are as a market (+) on one hand, it had a nice 2x. Clearly, there is SOME incremental liquidity (-) proceeded by a sell off. I don't believe this is a "max extract" scenario - but rather lethargy. there is no organic demand willing to step in. the speculative fervor is over if there is no extraction, nor buy pressure, the base case is just a slow bleed down (similar to PUMP upon launch) the takeaways are the same as what I've been echoing over the past few weeks - we have no buyers, that's why we look outwards (DATs) and the simple action to take is either 1) buy tokens that you believe will have buyers bc they are building something good 2) buy tokens that buy themselves 3) buy a different asset class 4) buy tokens that have an outside bid (DAT / tradfi) 5) sell everything else 6) short vaporware